IFC announced a partnership with Al Baraka Bank Egypt to increase access to finance for micro-, small- and medium-sized enterprises (MSMEs) in Egypt, including women-owned businesses, helping catalyze economic activity and job creation in the country.
Telecom Egypt selects Raya Information Technology to implement the second phase of the Regional Data Hub
Telecom Egypt has selected Raya Information Technology (Raya IT), a subsidiary of Raya Holding for Financial Investments, to implement the second phase of Telecom Egypt’s Regional Data Hub (RDH).
Marriott International and Palm Hills Developments sign agreement to open the Ritz-Carlton Cairo, Palm Hills in Egypt
Marriott International, Inc. Has announced it has signed an agreement with Palm Hills Developments to open The Ritz-Carlton Cairo, Palm Hills, signaling a commitment to strengthening its portfolio of properties across the company’s luxury brands in Egypt.
Swiss-Israeli fintech startup Okoora has opened a new branch in Limassol, Cyprus. These new European offices will support the organization’s push to obtain an EMI (Electronic Money Institution) license, which will assist it in facilitating incoming and outgoing electronic payments within EU countries
Mastercard and Societe Arabe Internationale De Banque collaborate to drive digitization of payments in Egypt
Through this partnership, saib has selected Mastercard as its partner to diversify its product portfolio, and provide a wider range of financial services to small and medium-sized businesses (SMEs).
The United Nations Industrial Development Organization (UNIDO) and Orange have joined forces to support over the next two years the establishment of a viable business model for high-quality standard secondary market of mobile devices and networks/IT equipment in Egypt.
RedSea, the sustainable Agri Climate Tech business whose pioneering technology advances commercial farming in hot climates globally has appointed Bruno De Oliveira as VP East Africa & Egypt.
Through this partnership, IDB and Mastercard will collaborate to enhance the bank’s offering through providing its customers with a comprehensive portfolio of innovative solutions across its credit, debit and commercial card proposition.
Afreximbank awarded “Sustainable Deal of the Year” for pioneering the Liquidity and Sustainability Facility
The African Export-Import Bank (Afreximbank) has been recognised with a much-coveted “Sustainable Deal of the Year” award for its pioneering work in the establishment and development of the Liquidity and Sustainability Facility (LSF), a vehicle that seeks to increase liquidity and demand for Eurobonds issued by African Sovereigns.
Cairo International Financial Center to be the most important financial center and the primary platform for venture capital funds in the Middle East.
Paystack, a popular African payment provider, has expanded and launched early access programs across Côte d’Ivoire, Egypt, and Rwanda after receiving governments' authorization.
Adding these licences strengthens Cellulant’s operations in Africa, where it has the most comprehensive payment infrastructure, integrating over 370 payment methods, operating in 35 markets with licences and physical offices in 19 countries.
Egypt and India have signed bilateral cooperation between the two countries that will help confront global economic challenges.
Afreximbank launches Intra-African EPC Contract Promotion Programme as IATF2023 hosts Presidential Summit
The African Export-Import Bank (Afreximbank) in Cairo launched a new initiative that will open doors, allowing African contractors to capitalize on various infrastructure investments available across the continent.
Africa Finance Corporation (AFC), the continent’s leading infrastructure financier and solutions provider announced its support to the Arab Republic of Egypt as a Re-Guarantor on a private placement offering of JPY 75 billion, 5-year, Samurai bonds.
Volkswagen signs agreement with Government of Egypt for strategic co-operation viability study of shared automotive painting facility
Volkswagen and Government of Egypt have signed an agreement to work together to develop a feasibility study on a shared automotive painting facility within the East Port Said Industrial Zone in the East Port Said Automotive Zone in Cairo.
As Intra-African Trade Fair (IATF2023) continues with attendees witnessing the signing of financing and other agreements valued in excess of one billion dollars between the African Export-Import Bank (Afreximbank) and several leading business entities from across the continent.
120 projects have been & are being implemented with bilateral development partners through debt swap programs worth $730 million In Egypt.
EBRD provides US$ 50 million loan to the Egyptian copper rods manufacturer UMC, a subsidiary of Elsewedy Electric group.
IFC and Banque Misr partner to increase access to finance for small and women-owned businesses in Egypt
IFC's $234 million loan to Banque Misr will catalyze job creation in Egypt through its focus on providing financing to micro and small businesses, which employ the vast majority a of Egypt's private sector workforce and are the most important source of job creation in the country.
The African Development Bank and the Asian Infrastructure Development Bank provided partial credit guarantees to support the issuance, paving the way for other African countries to access fast-growing Chinese debt capital markets.
This is the second global footprint expansion for IntouchCX in 2023. In February, the Company expanded its operations to Kuala Lumpur, Malaysia.
AfriSummit 2023: African Health Authorities, Industry Leaders Convene to Explore Pharma Regulations and Innovations
Leading healthcare authorities and industry experts converged at the AfriSummit 2023, a pivotal 4-day hybrid event dedicated to exploring the latest developments in pharmaceutical and medical device regulations’ advancements in the healthcare supply chain across the African continent.
Telecom Egypt and 4iG sign an MoU to construct a high-capacity subsea cable between Egypt and Albania
It represents a qualitative addition to the existing Mediterranean routes, connecting to the main internet points of presence (PoP) in Europe such as the ones in Budapest, Vienna, and Frankfurt, in addition to numerous potential PoPs in Eastern Europe.
Designed to empower founders through personalised mentorship and growth techniques, the program sets the stage for their future success.
Telecom Egypt signs deal with Medusa Submarine Cable System to extend submarine cable to the Red Sea
The 8,760 km long submarine cable, which will land in the Egyptian city of Port Said by the end of 2025, will be connected to the Red Sea landing stations of Suez, Zafarana, and Ras Ghareb through Telecom Egypt’s extensive terrestrial crossing network.
Telecom Egypt, Egypt's first integrated telecom operator and one of the largest subsea cables operators in the region, has launched its new WeConnect ecosystem, providing agile access to Egypt's extensive subsea cable infrastructure.
IFC has announced a partnership with Egypt's Kandil Steel to support the company's operational and financial resilience, support private sector jobs, and help it reduce its carbon emissions.
Underpinned by SODIC's extensive expertise and reputation, Nobu's introduction into Egypt will anchor two of SODIC's developments – Cairo in the New Zayed area and a coastal development on the North Coast.
Afreximbank signs land acquisition agreement for African Trade Centre in Egypt’s new administrative capital
African Export-Import Bank (Afreximbank) has signed a formal agreement for the acquisition of land for the New Administrative Capital African Trade Centre (NAC-ATC), which will house the Bank's headquarters.
SoluGrowth is the first South African outsourcing company to invest in Egypt joining a long list of key outsourcing players betting big on Egypt's value proposition as a hub for global delivery centers.
Mastercard has announced a strategic partnership with Ingiz, a family financial management start-up in Egypt supported by Masria Digital Payments, to launch a cutting-edge digital payments application designed to drive financial literacy and inclusion among Egypt’s youth.
Through ETIC, PwC seeks to foster innovation, application and provision of digital solutions in key areas, such as cloud services, data analytics, and cybersecurity, in the Egyptian market and export them to PwC clients in the Middle East and Europe markets.
ACWA Power, a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a player in energy transition, has signed a memorandum of understanding (MoU) with the New and Renewable Energy Authority (NREA) to allocate land for a 10 GW wind project in Egypt.
The Egypt data center market size witnessed investments of $139 million in 2022 and is projected to witness investments of $365 million by 2028, growing at a Compound Annual Growth Rate of 17.46 per cent according to the recent report by Research and Markets.
Iveda, the global solution for cloud-based AI video and sensor technologies, has announced a new partnership with The Arab Organization for Industrialization (AOI) to support and scale smart city developments in Egypt.
The United Nations Development Programme (UNDP) and the Information Technology Industry Development Agency (ITIDA) affiliated to the Ministry of Communications and Information Technology, have signed a new project agreement in Cairo's Smart Village.
Okoora, the Swiss-Israeli fintech startup has partnered with Paysend to enable the global payments platform and card-to-card payments pioneer to enter the Israeli market.
The Scale Up program is focused on providing strategies and experimentation methodologies to accelerate growth for Pre-Series A startups in Egypt.
Flash, Egypt’s new cashless payments app, has raised $6 million seed round to accelerate its product development and customer and business acquisition in the country.
Swiss-Israeli fintech startup Okoora has announced a strategic alliance with MAX, a leading Israeli credit card company to revolutionize the field of foreign exchange
Radisson Hotel Group announces the signing of Radisson Collection Resort, Marsa Alam Port Phoenice in Egypt.
The United Nations World Food Programme (WFP) in Egypt and The Coca-Cola Foundation, have signed an agreement to promote sustainable agriculture & green energy among farmers and rural communities in Luxor.
The African Export-Import Bank (Afreximbank) has provided Egypt-based CIAF Leasing with a US$44-million aircraft financing facility for the acquisition of three Embraer E-190 aircraft to strengthen the company’s leasing operations.
Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has received the Deal of the Year – Equity award at the just concluded African Banker Awards 2023 ceremony in Sharm El Sheikh, Egypt.
The Egyptian capital city of Cairo has been announced as the new host of the third Intra-African Trade Fair (IATF2023) which will now take place from 9 to 15 November 2023.
GoGlobal, a leading Employer of Record (EOR) is expanding its global footprint with the launch of on-the-ground offices in 18 African countries.
Xylem, the global water technology provider, and its regional partner, the Tiba Manzalawi Group, have announced the launch of its new joint-venture manufacturing site, the Xylem Egypt Plant, that will provide world-class water solutions and brands to the region.
ITFC Signs Six Agreements Totaling US$101 Million with Côte d'Ivoire, Egypt, Uzbekistan, and KSA.
Within its continuous efforts to enhance its value proposition, Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, announces the recent successful landing of the 2Africa subsea cable in Port Said.
Egypt’s leading discount grocery retailer, Kazyon, attracts $165 million investment from a DPI-led consortium to fuel continued growth and regional expansion
Khazna Data Centers Plans to Enter Egypt with Benya Group to Set Up the country’s first hyper-scale data center in Maadi Technology Park with a total investment of USD 250M
Proparco investit dans un fonds de capital-risque géré par DisrupTech Ventures, afin de soutenir les startups fintech égyptiennes et d’élargir l’accès aux services financiers dans le pays.
LogRhythm has partnered with eFinance to rapidly detect and mitigate threats in Egypt’s digital payment security ecosystem with LogRhythm SIEM, LogRhythm’s security information and event management (SIEM) solution.
Mastercard’s continuous efforts are aligned with the Egyptian government’s vision and strategic objectives by promoting access to electronic payments, capitalizing on technological innovation and efficiency to drive financial inclusion and achieve sustainable and economic growth.
Nigeria-based car financing platform Autocheck, has acquired a majority stake in Egypt's used cars marketplace, AutoTager, which was founded in 2021 by Amr Rezk.
Nigerian automotive technology company Autochek has acquired a majority stake in AutoTager, an Egyptian automotive technology company that makes it easier to find and buy cars.
In a ten-year contract, DXC will enable Kaf to provide a seamless digital experience for its current two million policyholders and new customers.
The new investment is set to drive innovation and help expand access to specialty drugs across Africa.
Telecom Egypt has announced that Eng. Mohamed Nasr Eldin Mohamed Ali has been appointed as Managing Director and CEO of the company to succeed Eng. Adel Hamed Ibrahim Gadallah.
IFC partners with Egypt’s Commercial International Bank in managing climate risk, boosting sustainability
The advisory project will include an initial portfolio screening against climate risk and the development of scenario planning and stress testing methodology for CIB, a long-term IFC partner.
Millennial consumers prefer online versus in-store shopping, according to new data released today by ESW, the world’s leading global direct-to-consumer (DTC) ecommerce company.
These developments represent GrubMarket's underlying commitment to building a robust, global supply chain for high-quality, fresh produce.
The acquisition allows the London-based group with operations in Africa, UK, the US and Latin America, to bring some of the best global cloud and cyber security products to the Egyptian market.
North Africa continues to dominate the pipeline, with Egypt far ahead. It alone numbers 21% of the hotels and 30% of the rooms being planned or built on the entire continent.
almentor secures a $10mn investment round led by e& capital to bridge the education gap for 10 million Arabic speakers.
The total investment of the two projects is approximately $700 million, bringing Hutchison Ports’ total investment in Egypt to over US$1.5 billion and paving a solid foundation for the company's strategy to expand its network and enhance its capabilities in emerging markets.
Building on their successful strategic collaboration, Banque Misr, signed a long-term cooperation agreement partnership with Mastercard to provide the bank with the latest digital payment technology to provide new products, services and innovative solutions to customers, from all segments, and to support digital solutions with advanced and competitive advantages.
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[Nigeria Business Week] Andrea Ayemoba: Local fintech spreads to East Africa, oil and gas find major milestone
Nigeria, like other countries of the world, is going through some economically turbulent times. Inflation is on the rise (recently pegged at 21.9%) and local startups are directly impacted by financial crises on the other side of the world.
Africa Business Communities Forum: Quels seront les pays Africains plus performants sur le plan économique en 2022?
Africa Business Communities s'est entretenu avec plusieurs entrepreneurs et fondateurs au cours des premiers mois de l'année, et ils ont voté pour déterminer quels pays africains seront les plus prospères en 2022.
In continuation of the series of webinars that has been ongoing throughout the year, the African Business Roundtable and the African Import Export Bank (Afreximbank) are set to hold yet another webinar on capacity building and investor preparation.
L'African Business Roundtable et Afreximbank organisent un séminaire en ligne gratuit le 28 septembre
Dans la continuité de la série de webinaires qui s'est déroulée tout au long de l'année, l'African Business Roundtable et la Banque Africaine d'Import-Export (Afreximbank) vont organiser un autre webinaire sur le renforcement des capacités et la préparation des investisseurs.
Africa has in the past decade positioned itself as a knowledge economy, with one of the most robust startup ecosystems in the world.
To meet its soaring demand for energy, Egypt is turning to renewable sources. Its targets, if accomplished, will see it become a pioneer in the African energy landscape. But are the plans realistic?
Walid Amer is an experienced Certified Management Accountant with proven leadership expertise in assisting others in understanding the instrumental role finance data plays in improving business processes.
Radwa Khairy has over a decade's worth of experience in the Human Resources, Hospitality and Travels fields. In December 2018, she founded Talents Fit, a recruitment platform servicing human resourcing and employment needs in Egypt.
[Column] Michael Arum: Sugar industry faces exacerbated decline and extinction on proposed regulations in Kenya
Kenya’s sugar industry has many natural advantages, almost all of which have been undermined by policy and public mismanagement that has seen its productivity slump.
Greater economic integration through increased investment flows into Africa
As Egypt embarks on a massive infrastructure expansion drive to stabilise and expand its economy, underground and deep foundations works represent an essential element of preparation
Wael Rashidy is an accredited SME Business Consultant from the Association of Accredited Small Business Consultant, USA, member of Egyptian Junior Business Association, International Council for Small Business, and Middle East Council for Small Business and Entrepreneurship.
Egypt has achieved a high ranking in the 2017 Global Cybersecurity Index, coming 14th out of 165 countries and second among the Arab states.
Increased Infrastructure, Labour-Intensive Manufacturing Key to Africa’s Industrial Competitiveness - Afreximbank President
"At this stage, it might be better to import fabrics and transform them into garments or to produce and assemble other labour-intensive light-manufacturing goods rather than processing raw materials in a way that may not enable Africa to compete globally”.
Telecom Egypt (TE), a network operator in Egypt announced that they are working with IBM to adopt intelligent automation technologies to implement an umbrella solution for all its operations support systems (OSS) on mobile, fixed, and core networks.
Nokia AVA products, including its operations and monetization software, will be used by the Administrative Capital for Urban Development of Egypt (ACUD) to enable customers to order, activate and pay for utilities and data center services.
Through this collaboration, Mastercard and NBE will offer best-in-class digital payment solutions that will help bring more unbanked and underbanked into the formal economy.
Egypt has joined Africa Finance Corporation, the continent’s infrastructure solutions provider, as the first North African sovereign shareholder, further diversifying AFC’s expanding equity investor base.
The meeting discussed bilateral cooperation opportunities between ITIDA and ECS' offices overseas, aiming at increasing Egypt's IT offshoring (ITO) and business process outsourcing (BPO) services exports.
Flutterwave, Africa’s leading payments technology company, has announced that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt.
Founded in 2020 by Ahmed Khairy, Ahmed El Assy and Omar Alfar, Gameball is a customer intelligence and marketing CRM platform that helps consumer brands create personalised engagement with customers and monetise their customer base.
Cross Switch and Equity Invest bring together decades of experience growing successful technology businesses, specifically in the financial technology sector.
This seamless solution aims to further drive financial inclusion in the country through the integration of underbanked youth into the formal economy.
Flutterwave, the Nigerian fintech company has obtained licenses to operate in Egypt as a payment service provider.
Abdourahmane Diaw nommé chef de bureau pays pour l’Égypte est de nationalité sénégalaise, M. Diaw compte plus de 28 années d’expérience dans la mise en œuvre de programmes et de projets de développement.
Climate resilience venture launcher Triggering Exponential Climate Action (TECA) has announced the selection of seven startups to each receive $55,000 in funding to advance their solutions for the blue economy in Africa.
After Ghana Office opening, Network International introduces direct to merchant payments acceptance in Egypt
Launch under new ‘networkpay’ brand to boost digital payment acceptance & financial inclusion in Egypt.
Palm.hr, a Saudi Arabian HR firm has secured $5 million in a pre-Series A round. The new funding will facilitate expansion into Egypt and other countries in the Middle East and North Africa(MENA) region.
Egypt’s digital healthcare startup Yodawy has raised $16 million in a Series B funding round co-led by Delivery Hero Ventures and Global Ventures, bringing its total funding to $24.5 million,
Flutterwave, Africa's payments technology company, has announced that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt.
In 2022, Radisson Hotel Group continued to drive forward its ambitious expansion plan to be one of the top three hotel groups in the world with its strong portfolio of nine distinct brands and its growing resorts portfolio.